Mr. Alex Verge reports

JOURNEY ENERGY INC. PROVIDES ENCOURAGING RESULTS FROM ITS FIRST THREE 2025 DUVERNAY WELLS

Journey Energy Inc. has provided an update on its Duvernay joint venture operations, including initial results from the 2025 capital program.

Duvernay joint venture operational update

On May 7, 2024, Journey announced its participation in the 128-section Spartan Delta Corp.-operated joint venture in the Duvernay. Journey's current working interest in the joint venture is 30 per cent. The joint venture currently controls 112 gross sections. Management estimates that Journey's working interest in the joint venture is enough to support 60 net 2.5-mile wells on azimuth locations.

Two (0.6 net) joint venture wells were drilled and completed from the 05-18-042-03W5 surface location in late 2024. These wells came on production at the end of November, 2024. In the first six months of production, these wells have returned over 70 per cent of their capital and continue to exceed management's expectations.

The Duvernay joint venture represents a significant component of Journey's 2025 capital program. As part of this program, 8.0 (2.4 net) wells were drilled, and 7.0 (2.1 net) wells have been completed.

In the second quarter of 2025, Spartan completed and brought on production the following three (0.9 net) wells from an eight-well pad at 06-04-043-03W5:

• 12-26-042-03W5: Spartan completed and brought the well on stream in May at a lateral length of 3,834 metres (12,579 feet). Initial production results are exceeding internal expectations, averaging 30-day peak sales production of approximately 1,228 barrels of oil equivalent per day, including 87 per cent liquids (1,028 barrels per day of light crude oil and 45 bbl/d of natural gas liquids), with 900,000 cubic feet per day of natural gas (1).
• 09-27-042-03W5: Spartan completed and brought the well on stream in May at a lateral length of 3,895 metres (12,779 feet). Initial production results are exceeding internal expectations, averaging 30-day peak sales production of approximately 1,315 boe/d, including 86 per cent liquids (1,079 bbl/d of light crude oil and 51 bbl/d of NGLs), with 1.1 million cubic feet per day of natural gas (1).
• 07-27-042-03W5: Spartan completed and brought the well on stream in June at a lateral length of 3,825 metres (12,549 feet). Initial production results are exceeding internal expectations, averaging 20-day peak sales production of approximately 1,470 boe/d, including 86 per cent liquids (1,202 bbl/d of light crude oil and 58 bbl/d of NGLs), with 1.3 MMcf/d of natural gas (1).

(1) Production volumes are based on field notes from testers. These volumes represent the highest 30-day average rates achieved since the wells came on production. Final reported volumes may differ from test volumes.

Spartan has also recently drilled and completed four (1.2 net) wells from the 02-22-042-03W5 pad, which are expected to be on production by mid-July. Management will be providing further updates on these wells as data become available.

The results from the first five wells drilled in the joint venture support the superior netback and economic strength of this world-class resource while serving to demonstrate the consistent and repeatable nature of the play, allowing for a multiyear development plan. Journey currently forecasts a significant expansion in near-term capital for 2026 as the play enters its development phase.

Journey management views 2025 as a pivotal year for the company as the groundwork laid in previous years for the Duvernay begins to materialize. Journey's management remains focused on long-term value creation for all stakeholders and is available to address shareholder inquiries upon request.

About Journey Energy Inc.

Journey is a Canadian exploration and production company focused on conventional, oil-weighted operations in Alberta, Canada. Journey's strategy is to expand its production base by drilling on its existing core lands, implementing secondary and tertiary flood projects on its existing lands, and executing on accretive acquisitions. In conjunction with its joint venture partner, the company is advancing development of its Duvernay light oil resource play. In addition, Journey is continuing with its plans to expand its power generation business through its projects at Gilby and Mazeppa.

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